What’s in a phrase? Well, according to new research by Trulia, quite a bit!
For the first release in its newly-formed Real Estate Lab, a sector of its research wing that will focus on the psychology and strategy of how consumers and agents approach real estate, Trulia conducted an in-depth study of the phrases that agents and brokers use to describe their listings.
Real Estate Phraseology
Trulia went through millions of listings for its research, and it separated the most common phrases into two categories: phrases used to describe luxury properties, and phrases that appear most often for investment properties.
What did they find? Check out our infographic below for an idea:
Jed Kolko, Trulia’s chief economist, explained that the difference between the listings featured on the two lists is vast, particularly regarding the listing prices. For instance, the average price of a “magnificent estate” is 60 times that of a “cute little bungalow,” just as a home with “formal gardens” is worth 100 times what a property with “lead based paint notices.”
Such is the power of Real Estate Phraseology! What phrases do you find commonplace in your market? Let us know in the comments section.